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State about Production theory
Production theory assists in determining the size of firm and level of production. It clarifies the relationship between marginal and average costs and production. It highlights how a change in production can bring about a parallel change in marginal and average costs. Production theory also deals with many other issues like conditions leading to decrease or increase in costs, changes in entire production when one factor of production is varied and others are kept constant, substitution of one factor with another whereas keeping all increased concurrently and methods of achieving optimum production.
CONCEPT AND PHASES OF TRADE CYCLE Broadly speaking, the trade or business cycles are those fluctuations which recur in economic activity with a certain degree of regularity fo
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Collective bargaining Collective bargaining refers to the whole process by which trade unions and employers (or their representatives) arrive at an enforce agreements. Tra
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Q. Production Planning in demand forecast period ? Long term production planning can assist the management in organising long term finances on practical terms and conditions. S
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
Diminishing Marginal Utility Diminishing marginal utility as well is to be held responsible for the rise in demand for a product when its price declines. When an individual pur
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Q. Explain the Game theory? Game theory: Game theory is a branch of applied mathematics which is used in the social sciences, most particularly in economics, as well as in b
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